Revealed: Governor Sanwo Olu’s Plans To Massively Jerk Up Lagos State Revenue Uncovered

Fresh revelations are coming out on how Governor Babatunde Sanwo-Olu plans to jerk up Lagos state’s revenue exponentially.

But it also appears the governor is just about to be shrouded in a huge controversy as relates to this move.

According to an online news platform Society Now, this development is Sanwo-Olu’s bid to increase the internally generated revenue of Lagos state via taxation.

According to the online news platform, Sanwo-Olu is pushing for the use of Bank Verification Number (BVN) in the tax collection process.

But already, the move is said to be facing rising opposition against the backdrop of the quality of the provision of social amenities by the government compared to the huge revenue it currently boasts of.

‘’The implication of this is far-reaching for the populace,’’ a source explained to the platform ‘’it effectively puts their finances at the mercy of the state because the tax collection agency would see the gross income and you don’t need a soothsayer to tell you a mountain of conflict looms over determining what is taxable via the net income’’

The Lagos State Internal Revenue Service (LIRS) is said to be aggressively pushing for the use of BVN for tax collection at the bidding of Governor Sanwo-Olu.

According to checks conducted by the news medium, the plan is to integrate the existing Taxpayers Identification Digit (PID) into the nationwide Tax Identification Number (TIN) system with the Joint Tax Board using the taxpayers’ BVN.

The LIRS plot is to get organizations to provide their employees BVNs for the processing of their Tax Clearance Certificates.

Self- employed individuals would also be required to provide their BVNs for creation of their taxpayers’ identity code – without which they can’t pay tax and do certain businesses as demanded by the Lagos Government.

It is learnt that prosecuting agencies, especially for traffic have been mandated to be strict in the demand for Tax Clearance before fines are paid.

‘’A lot of people are expected to be captured into the tax scheme through this process’’ it learned.

However, information gathered reveals that opposition to this new drive by the governor to exponentially increase tax revenue is already building up both offline and online.

‘’This is not good for Sanwo-Olu, he recanted on the promise to clear Apapa within 6months, he jacked up the fines for Lagos traffic laws and demanded for enforcement without doing anything about the bad roads wrecking havoc on lives and property and now he wants to jack up the internally generated revenue in a highly controversial manner without major moves to justify why the state is the highest IGR earner in the country. This doesn’t bode well for him’’ an ardent Sanwoolu supporter stated.

Source: Society Now

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